REQUEST FOR PROPOSALS (RFP)

External Audit Services for Rwanda Finance Limited (RFL)

Rwanda Finance Limited (RFL)

1. Introduction and Background

Rwanda Finance Limited (RFL) promotes and develops Rwanda as a leading financial destination for international investment and cross-border transactions in Africa. Through Kigali International Financial Centre (KIFC), RFL works with stakeholders on investment promotion, policy advocacy, sector upskilling, and regulatory framework development.

As a registered company under Rwanda law, RFL is required to submit audited annual financial statements to stakeholders, including the Rwanda Revenue Authority (RRA).

This ToR sets out the requirements for engaging a qualified audit firm to perform the external audit for the financial year ending30th June 2026.

Type: Open Competitive Bid

Place of Assignment: Kigali-Rwanda

Duration of Assignment: 12 Months (Renewable)

Deadline for Applications: 02nd May2026

Applications to be submitted to: procurement@rfl.rw

Contact number: 0 788 748 777 / 0783 803 374

2. Objectives of the Assignment

The external audit aims to:

• deliver an independent opinion on RFL’s financial statements.
• Assess compliance with procedures, laws, and regulations.
• detect and report financial, operational, and procedural weaknesses.
• Offer recommendations to strengthen internal controls, governance, and efficiency

3. Scope of Work

The audit firm will:

1. Express an independent opinion on RFL’s financial statements as of 30th June 2026.
2. evaluate compliance with applicable laws and regulations.
3. detect weaknesses in financial management, internal controls, and governance.
4. deliver constructive recommendations for improvement.
5. Pay special attention to:
   
   
   • Resources & Revenue:Verify completeness and accuracy of recorded revenues.
      
   • Expenses & Budgeting:Assess budget preparation, approval, execution, and monitoring.
      
   • Procurement & Contracts:evaluate compliance with procurement regulations and contract implementation.
      
   • Inventories & Stock:Evaluate internal controls in stock management.
      
   • Fraud & Corruption Risks:detect and assess fraud risks.
      
   • Governance:Verify regularity of management and committee meetings, and documentation.
      
   • Risk Management:Assess exposure to operational and financial risks

4. Deliverables

The audit firm will deliver:

• Audit Reportin line with International Standards on Auditing (ISA).
• Audited/Certified Financial Statementsfor FY ending 30th June 2026.
• Management Letter highlighting:
• Weaknesses in financial management and internal controls.
• Recommendations for improvement.
• Categorization of findings by risk severity (High, Medium, Low).
• Management’s responses to identified issues
   

5. Duration and Timeline

1. Assignment duration: 10 working days from contract signing.
2. Final report submission: on or before30th August 2026.

6. Consultant Profile and Qualifications
The audit firm must:
 

1.  
2. Be based in Rwanda with at least 8 years of experience.
    
3. Be registered with RDB, RRA, and RSSB, with valid clearance certificates.
    
4. Be a member of ICPAR with a valid practicing certificate.
    
5. Hold a valid RRA license to certify financial statements for tax purposes.
    
6. Demonstrate experience in at least five similar assignments, preferably with government business enterprises.

Audit Team Requirements:

• Auditors with graduate qualifications in Accounting/Finance and ≥5 years’ experience.
• Team leader/engagement partner with ≥5 years’ experience, a Master’s degree, and professional qualifications (ACCA, CPA, CIMA).
• Strong knowledge of public financial management policies.
• Proven experience working with government institutions.
• Fluency in English (spoken and written).

7. Reporting and Supervision

The audit firm will report to RFL Senior Management, under the supervision of the Chief Finance Officer (CFO).

8. Proposal Submission

Interested firms must submit:

• Administrative documents
• Letter of Interest addressed to the CEO, Rwanda Finance Ltd
• Valid Tax Clearance Certificate
• Notified copy of Certificate of Incorporation
• Notified Power of Attorney (if applicable)
• Notified copy of certificate of membership to a professional body (if any)
• Technical Proposal(approach, methodology, team composition, work plan).
• Financial Proposal (detailed budget).

Applications should be sent to:procurement@rfl.rw

 

9. Evaluation Criteria

Proposals will be evaluated based on:

Firm’s Agreement with Terms and Conditions

By submitting technical and financial proposals in response to this RFP, the firm acknowledges and agrees to comply fully with the instructions, requirements, and conditions set forth herein. Submission of a proposal constitutes a binding offer and confirms the firm’s acceptance of these terms.

Conformance to Instructions: Rwanda Finance Ltd (RFL) is under no obligation to accept or evaluate proposals that fail to meet the requirements of this RFP. Non-compliant submissions may be rejected outright.

Right to Reject or Award: RFL reserves the right to reject all proposals, make no award, or award a contract to one or multiple firms, based on evaluation results.

Discussions and Negotiations: While RFL may award a contract without discussion or negotiation, it reserves the right to perform negotiations, which may require firms to revise their proposals (technical and/or financial).

Accuracy of Information: Firms must deliver complete, accurate, and truthful information in their submissions. Misrepresentation or omission of material facts may result in disqualification.

Ethical perform: By submitting a proposal, firms certify that they have not and will not attempt to bribe, influence, or make any improper payment to RFL employees in exchange for preference.

No Obligation: Issuance of this RFP does not obligate RFL to make an award, nor does it commit RFL to cover any costs incurred by firms in preparing and submitting proposals.

Compliance: Firms agree to comply with all applicable laws, regulations, and RFL’s general terms and conditions for award, including Representations and Certifications requirements.